Which Types of Vending Machines are Profitable for Small Businesses?
For people who are considering vending machines in starting their business, you guys have made a logical choice. Vending machines are cost-friendly and low-maintenance. They’re ideal for those who want to save on manpower and space rentals. If you’re the kind of individual who would like to give business a try but you’re virtually too busy to handle one, you should contemplate on beginning your venture on vending machines. Why?
• They are cost-efficient. Your capital would only be spent on purchasing or renting the machine itself and minimal space rental.
You need not worry about paying clerks and staff as well since everything would be automatic aside from the initial set-up, revenue collection and merchandise refilling.
• There are no worries on customer relations everything would be self-service. The only reason for them to complain would be:
• Maintenance. All you have to do is make sure the machines are in proper order and are well stocked.
Since managing a vending machine business is fairly simple, what you need to focus on is the type of vending machine that you will be using with regards to the type of business that you want to operate. Here are some steps to help you determine which types of vending machines would be most profitable for your small business:
1. First off is to make a list of potential key locations on where to put them. There are a lot of choices especially in the city. For example, you can put a magazine or newspaper vending machine at a bus stop or any transportation terminal. You can set up one that dispenses healthy snacks and drinks at a fitness center.
2. Consider customer traffic. Are there significantly large numbers of people passing by that location? What kind of people? You can try and put a snack machine in a school, but what kind of school? What kind of food are you selling? If it’s a machine distributing high-end chocolates or the like and it’s placed in a public school, no matter how many students may pass by your vending machine, how many do you think can afford your products?
3. Observe the wants and needs of your potential customers. Putting a newspaper dispenser in a transportation terminal wherein people prefer to read using their phones, tablets or other gadgets is pointless. Instead, maybe you can set-up a power vending machine (charging station).
Starting a vending machine business is not as complicated as starting a traditional one. However, you must remember that majority of the thinking and worrying is at the beginning, where you need to consider the places, customers and products to be able to determine the right type of vending machine to choose.